Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.

On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.

The sanctions imposed by the United States on January 10 against the Russian oil sector have halted about one-tenth of Russia's shadow fleet. The value of the oil it transports could exceed $3.5 billion.

Oil price risks are skewed to the upside due to sanctions supply disruptions, said Samantha Dart, co-head of global commodities research at Goldman Sachs. The Energy Select Sector SPDR Fund ETF (XLE) is up 8.

Oil futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.

US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

BP is planning to cut more than 5% of its 90,000-strong workforce as part of a cost-cutting drive. The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year.

BP is cutting 4,700 jobs and 3,000 contractor roles as part of a drive to "simplify and focus" the oil giant, it said on Thursday.